The housing market in Northamptonshire has gone crazy recently. It seems as though a lot of people have now decided to move property, either first-time buyers or those with homes to sell. But, within Northamptonshire, the house prices have increased dramatically. Over the course of the past few years, house prices have increased drastically, with 2-bed properties reaching prices of over £200,000.
When looking at the housing market in Northampton, you can see who is currently moving, this is first time buyers, those with the lower budgets. This is clear to see as the houses in a first-time buyer range, around the £200,000 mark are being sold quickly, either to first time buyers or building investors. These can go on the market and be sold within the same day! This is crazy as these houses are going for crazy prices, with some even going above the valuation price.
Some of the larger and more expensive properties are taking a while to sell, this is due to potential buyers simply not being able to afford the cost of these properties. It seems as though house prices have increased, but mortgage rates that banks are offering have not increased as dramatically. This may be due to the Covid-19 pandemic, but this is something only the banks will be able to understand.
Housing markets across the whole of the United Kingdom have gone crazy. You will be extremely lucky to purchase property currently as they are selling so fast. You need to ensure you are in the best position to place an offer on a property the day you view it. Hopefully, in the future, we will see the housing market level out so more properties are put for sale and more people can afford to purchase them. This would be the ideal situation for everyone.